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Belron US to acquire assets of Diamond Glass

Post Time:Jun 20,2008Classify:Industry NewsView:188

Officials of Belron US, Columbus, Ohio, announced June 20 that the auto glass repair and replacement company has reached an agreement to acquire substantially all the assets of Diamond Glass for $50 million, plus the assumption of various liabilities, subject to approval by the United States Bankruptcy Court and any required regulatory approvals, according to a PR Newswire release the same day.Headquartered in Kingston, Pa., Diamond Glass has 217 service centers and 900 mobile installation vehicles in 42 states, and employs about 1,600 people.The announcement follows a June 19 auction in which more than 40 parties submitted bids to purchase the company. This, after Diamond filed for Chapter 11 bankruptcy protection April 1 and was put up for sale under a S6363 process.Going forward, the acquired assets of Diamond Glass will be integrated into the Belron US operating model and the organization will be led by the Belron US senior leadership team, according to the release."Following completion of the transaction, the Belron US management team intends to work closely with the Diamond management team to assess the options for integrating the Diamond assets into Belron US, " said Tom Feeney, Belron US president and CEO in the release. "Then, it will be determined how best to move forward together."The acquisition comes just 15 months after Belron US purchased Safelite Group, Columbus. At the time, it was estimated the merged Safelite Group and Belron operations would have less than 20 percent market share in the United States. Currently, Belron US does business under the names Safelite AutoGlass, Elite Auto Glass and Auto Glass Specialists. Following the Diamond purchase, Belron US will continue to be headquartered in Columbus, Ohio.

Source: http://www.glassmagazine.com/news-item/auto/belron-us-acquire-assets-diamond-glassAuthor:

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